Most private clients of ABN AMRO do not notice that the bank is going to screen them in the fight against money laundering, because this process often happens automatically. But part of the approximately 5 million private customers could get questions from the financial group.
This is possible, for example, if the bank feels that an account may be used improperly, an ABN AMRO spokesperson explains.
De Nederlandsche Bank (DNB) requires the financial group to examine all its private customers in the Netherlands. The intervention has to do with the fight against money laundering. Since the affair at ING, among others, last year, banks must now pay more attention to this. DNB has indicated to ABN AMRO that the bank should check its files better in some areas.
"For example, we need to know better what people do with their account. Do they only do normal transactions or, for example, also do commercial transactions?" said CEO Kees van Dijkhuizen in an explanation. If the bank finds out during the screening that a private account has been used for large business transactions, then the bank of the customer in question wants additional explanation.
Ties with certain customers can be broken
For business use, an account has a different risk profile for the bank. All this could lead to ABN AMRO coming to the conclusion that the customers in question should better take a business account. The ties with certain customers could also be broken, for example if the bank wants them to change the type of account and they do not want to go along with it.
Dutch banks have been working on improving their anti-money laundering policy for some time. This is accompanied by the after-care of customers and cash flows. At ABN AMRO and ING, among others, the departments involved in this have already been considerably expanded. At ABN AMRO more than 1000 people are involved, at ING even more than 3000.
In connection with the screening, ABN AMRO has now made an additional provision of 114 million euros. Because the matter was raised by DNB itself with the bank, it is possible that a fine will follow. But the bank does not yet know whether this is the case, which is why ABN AMRO cannot provide details about it.
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